ABN Amro sells private bank arm

ABN Amro is selling its Swiss private banking operation to Union Bancaire Privee for an undisclosed price. The deal, announced yesterday, will see UBP complete the purchase in the fourth quarter of the year. ABN Amro had €11bn (£9.6bn) in client assets under management at the end of this year’s first quarter. The acquisition will see UBP add 20 per cent to its overall assets under management and expand its core Swiss private banking operation. ABN Amro was advised by JP Morgan. Banca Leonardo and Caurus Partner advised UBP.